Today delegation of State Oil Company of Azerbaijan (SOCAR) will depart to Russia to attend the International Economic Forum in Saint Petersburg on June 16-18.
During the Forum SOCAR administration led by President Rovnag Abdullayev will meet with Aleksei Miller, chairman of Board of Russian gas company Gasprom.
SOCAR has several issues to discuss with Gasprom. In May 2016 SOCAR President Rovnag Abdullayev told journalists that Azerbaijan has submitted its proposals on Russian gas import to Gasprom. He added that the proposals include various volumes of import, which vary between 3 and 5 bcm.
Why does Azerbaijan need to import gas, if since 2007 the country exports gas? SOCAR’s President explained that more associated gas is pumped into the oil beds to prevent reduction of oil production. Both SOCAR and BP-Azerbaijan cannot do that, because part of associated gas is pumped to the coast for the needs of the local market. Abdullayev said if a big volume of gas is injected into the wells, oil production will go up and then profits of the companies and the state from oil will increase as well. One can pay for that with imported gas and another problem will be solved – natural gas is more efficient, than associated gas.—0—
Economics
-
Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
-
Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
-
Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
-
The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
Leave a review